HomeMy WebLinkAboutSuccessor Agency - 2023-05 RESOLUTION NO. 2023-05
A RESOLUTION OF THE SUCCESSOR AGENCY TO THE
REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH_
APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE
FOR THE PERIOD JULY 1, 2024—JUNE 30, 2025 ("ROPS 24-25")
WHEREAS,pursuant to AB xl 26 (as amended by AB 1484,the "Dissolution Act"),the
separate legal entity known as Successor Agency to the Redevelopment Agency of the City of
Huntington Beach ("Successor Agency")must prepare "Recognized Obligation Payment
Schedules" ("FOPS")that enumerate the enforceable obligations and expenses of the Successor
Agency for each successive annual fiscal period until the wind down and disposition of assets of
the former Redevelopment Agency of the City of IIuntington Beach; and
The Successor Agency staff has prepared a ROPS for the annual fiscal period
commencing on July 1, 2024 and continuing through June 30, 2025 ("ROPS 24-25") which is
attached hereto as Exhibit A; and
After reviewing ROPS 24-25, presented to and recommended for approval by Successor
Agency staff, and after reviewing any written and oral comments from the public relating
thereto,the Successor Agency Board desires to approve the ROPS 24-25; and
All of the prerequisites with respect to the approval of this Resolution have been met.
NOW, THEREFORE,the Successor Agency to the Redevelopment Agency of the City of
Huntington Beach does hereby resolve as follows:
1. The Successor Agency hereby finds and determines that the foregoing recitals are
true and correct.
2. The Successor Agency hereby approves ROPS 24-25 in the form presented to the
Successor Agency and attached hereto as Exhibit A, and hereby determines that such agreements
and obligations constitute"enforceable obligations" and"recognized obligations" for all
purposes under the Dissolution Act.
3. The Successor Agency authorizes and directs the Successor Agency staff to: (i)
take all actions necessary under the Dissolution Act to post ROPS 24-25 on the Successor
Agency website once approved by the Oversight Board to the Successor Agency; (ii)transmit
ROPS 24-25 to the Auditor-Controller and the County Administrator of the County of Orange
and to the State Controller and the State Department of Finance ("DOF"); and (iii)to do any and
all things and to execute and deliver any and all documents which may be necessary or advisable
in order to effectuate the purposes of this Resolution. In addition, the Successor Agency
authorizes and directs the Successor Agency staff to make such non-substantive revisions to
ROPS 24-25 as may be necessary to submit ROPS 24-25 in any modified form required by DOF,
and ROPS 24-25 as so modified shall thereupon constitute ROPS 24-25 as approved by the
Successor Agency pursuant to this Resolution.
23-13864/325503 1
RESOLUTION NO. 2023-05
4. The Successor Agency authorizes the Executive Director, or designee,to make
such non-substantive changes and amendments to ROPS 24-25 as may be approved by the
Executive Director of the Successor Agency and its legal counsel, ROPS 24-25 as so modified
shall thereupon constitute ROPS 24-25 as approved by the Successor Agency pursuant to this
Resolution.
5. The Successor Agency does not intend, by adoption of this Resolution,to waive
any constitutional, legal and/or equitable rights of the Successor Agency or the City of
Huntington Beach under law and/or in equity by virtue of the adoption of this Resolution and
actions approved and taken pursuant to this Resolution and,therefore, reserves all such rights of
the Successor Agency and the City of Huntington Beach under law and/or in equity.
PASSED AND ADOPTED by the Successor Agency to the Redevelopment Agency of
the City of Huntington Beach at a regular meeting thereof held on the 19th day of December,
2023.
Chairper.
REV - ED AN a A� •ROVED:
Executive Director
APPROVED AS FORM:
((
eneral Legal Counsel
23-13864/325503 2
EXHIBIT A
RECOGNIZED OBLIGATION PAYMENT SCHEDULE
FOR THE PERIOD JULY 1, 2024 THROUGH JUNE 30, 2025
("ROPS 24-25")
[behind this page]
rP-i
Resolution No. 2023-05
- Exhibit A
Huntington Beach
ROPS 2024-25 Annual -
•
SIIr1 rry Dt._311 Cash Balances Submission... • -
Requested Funding.for Obligations 24-25A Total. 24-25B Total ROPS Total
A .:Obligations Funded as Follows(B+c+oj 0 76,969: 76,969
B : Bond Proceeds 0 : 0- 0
C Reserve Balance 0 0 0
D Other Funds 0 76,969. 76,969
Redevelopment Property Tax Trust Fund
E. 8,035,180 7,163,948. 15,199,128
(RPTTF)(F+c)
F RPTTF 7,910,180 7,038,948 14,949,128
G : . Administrative RPTTF : 125,000 125,000 • 250,000
H Current Period Obligations(A+E) 8,035,180 7,240,917 15,276,097
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Huntington Beach
ROPS 2024-25 Annual
f;un m;fry Detail Cash Balances Submission
Filter Export to Excel
Agreement Agreement Total Total
Execution Termination Outstanding Requested
Item it Obligation Name Obligation Type Date Date Payee Description Obligation Funding Notes
3 2002 Tax Bonds Issued On or 06/19/2002 08/01/2024 Bank of New Tax Allocation 799,500 799,500
Allocation Before 12/31/10 York Trust Bonds Debt
Refunding Co. Service
Bonds Payments
4 1999 Tax Bonds Issued On or 01/12/1999 08/01/2024 Bank of New Tax Allocation 369,000 369,000
Allocation Before 12/31/10 York Trust Bonds Debt
Refunding Co. Service
Bonds Payments
5 2002 Tax Fees 11/17/2010 06/30/2024 Arbitrage Tax Allocation 500 500
Allocation Compliance Bonds arbitrage
Refunding Specialist rebate
Bonds calculation-
Federal IRS
Compliance
6 1999 Tax Fees 11/17/2010 06/30/2024 Arbitrage Tax Allocation 500 500
Allocation Compliance Bonds arbitrage
Refunding Specialist rebate
Bonds calculation-
Federal IRS
Compliance
8 2002 Tax Fees 06/19/2002 08/01/2024 Bank of New Tax Allocation 1,600 1,600
Allocation York Mellon Bonds-
Refunding Payment to
Bonds Fiscal Agent
9 1999 Tax Fees 01/12/1999 08/01/2024 Bank of New Tax Allocation 1,600 1,600
Allocation York Mellon Bonds-
Ref unding Payment to
Bonds Fiscal Agent
12 Emerald Cove Bonds Issued On or 05/13/2010 09/01/2021 US Bank Emerald Cove
2010 Series A Before 12/31/10 2010 Series A
Lease Revenue Lease Revenue
Refunding Refunding
Bonds Bonds Debt
Service
Payments
Agreement Agreement Total Total
Execution Termination Outstanding Requested
Item It Obligation Name Obligation Type Date Date Payee Description Obligation Funding Notes
' 14 Strand Hotel OPA/DDA/Construction 06/01/1999 09/30/2033 CIM Group, Property Tax 5,862,789 677,904
and Mixed-Use LLC and Sharing
Project,Parking Kane Agreement
&Infrastructure Ballmer and under the
Berkman Disposition and
• Development
• Agreement
(DDA)for
development of
hotel,retail,
restaurant,and
public parking
structure.The
Implementation
of the DDA and
• the Sixth '
Implementation
•
Agreement were
entered Into
from June 1999
• to November
2008.
15 Strand Project OPA/DDA/Construction 01/20/2009 09/30/2033 CIM Group, Property Tax 543,529 49,576
Additional LLC Sharing
Parking Agreement
under the
Disposition and
Development
Agreement
(DDA)and Sixth
• Implementation
� 3
Agreement for
the Strand
projects parking•
structure
authorized on
January 20,
2009.
17 Pacific City- OPA/DDA/Construction 10/16/2006 11/26/2024 Maker 15%affordable
Very Low Properties housing
Incorne Units requirement
pursuant to
Attachment 5 of
the Owner
Participation
Agreement
approved on
October 16,
• 2006.Of the
• 15%required
housing
• . obligation,5%
very-low income
housing is to be
• developed by
the Housing
Authority.The
Developer is
• required to
provide the
remaining 10%
on site.
•
•
Agreement Agreement Total Total
Execution Termination Outstanding Requested
Item ii Obligation Name Obligation Type Date Date Payee Description 'Obligation Funding Notes
sr. 21 Abdelmudi OPA/DDA/Construction 05/28/1991 12/31/2017 Abdelmudi Owner
Owner Development Participation
Participation Company Agreement/Rent
Agreement/Rent Differential
Differential Agreement
Agreement approved on
May 28,1991
for the
development of
the three story
•building at the
Oceanview
Promenade.The
Third
Implementation
Amendment
took effect on
November 21,
1994.
29 Bella Terra OPA/DDA/Construction 10/02/2000 09/30/2025 Bella Terra Property Tax 1,874,824 1,874,824
Parking Associates Sharing
Infrastructure LLC Agreement
Property Tax required under
Sharing the terms of the
•Agreement Owner
Participation
Agreement
(dated
10/2/2000)and
• Second
Implementation
Agreement
(dated
9/17/2007)for
the
development of
the Huntington
Center(Bella
Terra).Includes
legal
requirements to
• enforce
obligation.
-7 30 Bella Terra OPA/DDA/Construction 10/04/2010 07/01/2036 Bella Terra Agreement 11,329,189 1,412,552
Phase II Villas,LLC approved on I ;
Property Tax and Kane October 4,2010
Sharing Ballmer for construction g
Agreement Berkman of a 467 mixed-
use unit project.
Construction Is
complete and
financed by
property tax
allocations.
Includes legal
requirements to
implement
obligation.
•
Agreement Agreement Total Total
Execution Termination Outstanding Requested
Item I1 Obligation Name Obligation Type Date Date Payee Description Obligation Funding Notes
50 Enforcement of Admin Costs 02/01/2012 11/26/2040 Successor Successor 250,000 250,000 •
Successor Agency, Agency
Agency Kane administrative
•
dissolution Ballmer, obligations
compliance and Keyser relating to
monitoring per Marston,and . maintaining
AB 1 X26 and - Davis Farr P payments on
AB1484 et al enforceable
obligations and
other activities
as required by
AB1X26
64 Successor Dissolution Audits 11/04/2013 08/01/2024 Davis Farr Statutorily 10,000 10,000
Agency LLP required annual •
Financial financial °
Statement Audit statement audit
of Successor
Agency.
79 Land Sale City/County Loan(Prior 05/18/2009 10/01/2030 City of Legally Binding
Emerald Cove 06/28/11),Property Huntington Operative
transaction Beach Agreement
Principal
• Amount-
S1,740,834,
Interest Rates
3%,Debt
Incurred on May
18,2009
119 Waterfront City/County Loan(Prior 09/19/1988 06/30/2040 City of Acquisition of 31,136,000 9,828,541
Commercial 06/28/11),Property Huntington the Waterfront
Master Site Plan transaction Beach property related
to the
Waterfront
Commercial
Master Site Plan
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Huntington Beach
POPS 2024-25 Annual
mun,uv (rettpl CCushJiolaaces Submission
Pursuant to Health and Safety Code section 34177(I),Redevelopment Property Tax Trust Fund(RPTTF)may be listed as a source of payment on the ROPS,but only
to the extent no other funding source is available or when payment from property tax revenues is required by an enforceable obligation.For tips on how to complete
the Report of Cash Balances Form,see Cash Balance Tigo•
Fxprat in excel Note:Cash Balances data Is auto-saved.
July 1,2021 through June 30,2022
r Rcporl Mnornhs in Whit,Dillaria
A B C D C F G H
Fund Sources
Bond Proceeds Reserve Balance Other Funds RPTTF
BOPS 21-22
Cash Balances Prior BOPS RP1 IF and Rent, Non-Admin
(07/111/21- Bonds issued on or before Bonds issued on or after Reserve Balances retained Grants, and
(16/30/22) 12/31/10 01/01/11 for future period(s) Interest,etc. Admin Comments
I Beginning 169,574
Available Cash
Balance(Actual
07/01/21)
RPT TV amount
should exclude
A'period
distribution
moultn
Revenue/Income 76,969 7,022,930
(Actual
06/30/22)
RPT Tr amount
should tie to the
COPS 21-22
total distribution
Irons the County
Auditor-
Controller
3 Expenditures for 169,574 6,062,956
ROPS 21-22
Enforceable
Obligations
(Actual
116/30/22)
.I Retention of
Available Cash
Balance(Actual
06/30/22)
RPTTF amount
retained should
only include the
amounts
distributed as
reserve for
future period(s)
5 ROPS 21-22 No entry required 959,974
RPTTF Prior
Period
Adjustment
RPTTF amount
should lie to the
Agency's BOPS
71-22 PPA form
submitted to the
CAC
6 Ending Actual $ 0 $ 0 $ 0 $ 76,969 $ 0
Available Cash
Balance
(06/30/22)
CtoE=(1+2-3
-4),G=(1 r2-3 •
-4-5)
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Successor Agency
Res. No. 2023-05
STATE OF CALIFORNIA
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
r '
I, ROBIN ESTANISLAU the Clerk of the Successor Agency to the
former City of Huntington Beach Redevelopment Agency, Huntington Beach,
California, DO HEREBY CERTIFY that the foregoing resolution was duly adopted
by The Successor Agency to the Redevelopment Agency of the City of Huntington
Beach at a special meeting held on December 19, 2023 and that is was so
adopted by the following vote:
AYES: _ Board Members: Moser, Bolton, Burns, Van Der Mark, Strickland,-
McKeon, Kalmick
NOES: Board Members: None
ABSENT: Board Members: None
ABSTAIN: Board Members: None
SPOU, q616241,1444)
Clerk of The Successor Agency to
the Redevelopment Agency of the
City of Huntington Beach, California